Lloyd's is in discussions to write on-shore reinsurance business in China.
The Chinese ambassador to the UK, Ma Zhengang, met with Lloyd's chairman Sax Riley this week to talk about ways the London-based insurance market can develop its role overseas.
Since the early 1970's, Lloyd's has underwritten a proportion of Chinese risks priced in US$ on the international market. But an on-shore licence would allow Lloyd's to reinsure local currency business.
Riley said: "We believe there is scope for Lloyd's to play a broader role in China, helping Chinese businesses by removing major risks from their balance sheets.
"A greater role for Lloyd's will also allow us to share our knowledge and technical expertise with Chinese insurers, and provide those companies with greater capacity to take on larger risks."
In November 2000 Lloyd's opened its representative office in Beijing. Xie Zheqiang was appointed its first Chinese representative.
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